“You might be tempted to pull your marketing and communications activities, but an economic downturn is not a time to go silent,” said Andrea Sok, Founder & CEO, Sok Influencer PR. “Stay top of mind for your customers and for potential customers who may be searching online. Keep your social media presence up as well as regular communication with your customer base.”
That’s just one of the tips from our dozen marketing experts and small business owners we’re featuring in this week’s marketing focus with advice and ideas for continuing to grow your business even in an uncertain economy. Want more advice? Keep reading!
Building on Customer Loyalty
“The best way to market your brand during an economic downturn or recession is to build upon customer loyalty,” said Donnie Rand, Marketing Coordinator at the American Association of Owner Operators.
“During times when people do not have to worry about their spending, it is easier to target new customers. However, when a recession hits, their perception changes. In the time of an economic downturn, consumers look towards the brands that have catered to their needs the most,” said Rand. “It is why they move toward the ones they trust the most and have a history with, which means that customer loyalty is an asset during these tough times. For this, you will have to stay in touch with them regularly to show your appreciation.”
One key, of course, is building better relationships with your customers. “This starts with a firm understanding of how they are, the problems and concerns they have, and how you can help them,” said Paul Dughi, Founder & CEO, StrongerContent.com.
“As a CEO and owner of an online fashion and jewelry retailer, I have found that the best way to market during an economic downturn is to focus on customer relationships,” said Joseph Hill, Owner & CEO, Classy Women Collection. “This means communicating with customers frequently, providing exceptional customer service, and tailoring marketing efforts to meet their needs.”
Hill suggests thinking about adopting a purpose-driven marketing strategy.
“To successfully transition into a customer-first approach, my favorite strategy to consider during a recession is to shift focus from product-centric marketing to purpose-driven marketing,” said Hill. “By aligning with a social cause or taking a stance on an issue, small businesses can not only differentiate themselves from competitors but also attract customers who share their values.”
Shifting Selling and Marketing Strategies
“We shift our strategies by offering flexible payment terms to our customers,” said Travis Wingate, VP, Marketing at Supermove. “Also, we use a referral program where we offer a discount card for every client who refers us to a new customer.”
“Go after big sales instead of smaller ones,” advises Dr. Willy Portier, Co-Found of Concerty. “Shift the focus to bigger potential sales that can earn you more money and make a bigger impact on your company.”
Not every marketing campaign and every marketing channel produce returns. Even if they do, the ROI will be different.
“Smaller sales might not have the ROI you are looking for when it comes to PPC ads, email campaigns, and so much more.” Said Portier. “Larger sales can convert much easier if your targeting is on point and will obviously have a much bigger impact on the success of your company.”
“First and foremost, companies should evaluate the effectiveness of their current marketing tactics in terms of ROI,” said Jamie Irwin, Marketing Executive at Perfume Empire. “Identifying the most effective channels for reaching target audiences will help ensure the budget is well spent.”
One advantage to digital and social campaigns is that you can track metrics in real-time, so you can see what’s driving traffic and what’s leading to conversions.
“Look at investing in digital marketing such as SEO and social media campaigns which can be adapted and monitored in real-time to ensure that they are getting the most out of their budget. This approach can be extremely cost-effective and provide a great ROI,” said Abdullah Prem, Founder at Bloggersneed.com “However, it’s important to remember that digital marketing is still a long-term game and you need to be patient for results to start being realized.”
Showing Empathy
Jon Morgan, CEO of Venture Smarter reminds us that it’s important to be empathetic and authentic. “During times of uncertainty, consumers want to feel heard and understood. Show empathy and authenticity in your marketing messages by addressing their concerns and offering solutions to their problems,” said Morgan.
He also reminds us that we still need to highlight the value proposition. “Consumers are more likely to be focused on value for their money. Make sure your marketing messages emphasize the value proposition of your product or service,” he said.
Optimizing Your Website & Content Marketing
“If you’re looking for a cost-effective option, invest in SEO,” said Cale Loken, an SEO Specialist and CEO of 301Consulting. “You can use Google’s top SEO ranking factors to make your brand more visible in the Search Engine Results Page (SERP). This can help your business gain more customers and help you survive the economic situation. The best part about this strategy is that it requires no monetary investment. It only requires knowledge of the best SEO practices, which can be easily found online.”
Part of optimizing your website is providing high-quality content.
The best way to market during an economic downturn is through content marketing,” said Shaun Connell, Founder, and CEO of WritingTips.org. “You should write content that appeals to your target audience. Carefully consider the customer’s behavior and purchase history. This measure helps improve your store’s conversion rate and make sure that it redirects audiences to your store. It helps improve conversion and ensures your business remains afloat during uncertain economic times.”
“It might be smart to consider repurposing content in an effort to reduce the costs of creating new stuff. As we all know, it costs money to create these assets that we usually share on social media and in other marketing strategies, and then never use again. Kind of a waste, right?
Iverson Li, Product Manager for Growatt, also recommends repurposing some of your top-producing content.
“Now might be the perfect time to dig out some of that old content and repurpose it for a new campaign,” said Li. “It might use some tweaks, but it will still be less work than creating new stuff from scratch. Whether it be old videos, graphics, copy, or more, it can save you crucial dollars in a time where things are tight.”
Using Case Studies
“The best way to market period—but especially in challenging economic times—is to remember who your ideal buyer or client is,” said Brittany Herzberg, Copy by B. “Speak directly to them. Make them feel really seen, heard, & valued.
“I love to do this with case studies — particularly ones rooted in SEO + story,” she said. “SEO because this helps your organic marketing strategy & gets you found by your most ideal clients. And story because that helps the reader move from a stranger to a buyer much faster.”
Brittany points out that it’s not only a great strategy for the potential customer or client (or repeat customer/client), but it’s also a cost-effective strategy. “You likely already have access to your customer language, reviews, etc. and people love to be featured,” she noted, so you may not need to get help to put testimonials together.
“They (buyers) must be able to see themselves in the transformation if they’re going to buy,” she said.